Riyad Bank digital review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Riyad Bank digital suits expats in Saudi Arabia who want a fee-free current account with a free ATM allowance and an Islamic savings option. The monthly fee is SAR 0, and the savings rate is variable at 0.3% with a SAR 20,000 minimum balance.
Key facts
- Best for
- Expats in Saudi Arabia who want no monthly fee and easy access to their money each day.
- Monthly fee
- SAR 0↗
- Currency conversion fee
- 2%↗
- Currencies
- 1↗
- Local account details
- IBAN↗
- Free ATM withdrawals
- SAR 0↗
- Legal entity
- Riyad Bank, Public Shareholding Company↗
- Headquarters
- Saudi Arabia↗
- Founded
- 1957↗
- Support channels
- Phone, Help-centre↗
- Audience
- Expats
- Pricing model
- No monthly fee
- Features
- Free ATM withdrawals
- Official website
- riyadbank.com
Savings
- Headline rate
- 0.3%↗
- Rate type
- Variable↗
- Minimum deposit
- SAR 20,000↗
- Access terms
- Islamic Saving Account with returns: instant access through free electronic banking, funds withdrawn any time except same-day deposits (available next day), profits credited monthly, no salary transfer required, minimum daily closing balance SAR 20,000 to earn profit↗
- Account kind
- Easy access↗
Money transfer
- Payout methods
- Bank, Cash-pickup↗
Facts checked September 26, 2026, 6 sources
Apps and profiles
- Get the app
- Google Play
Pros and cons
Pros
- The monthly fee is SAR 0 on the Islamic Saving Account, and no salary transfer is needed
- Free ATM withdrawals with an allowance of SAR 0 on the debit card
- The savings rate is variable at 0.3%, and profits are credited monthly
- Regulated by the Saudi Central Bank, with the legal entity named as Riyad Bank, Public Shareholding Company
Cons
- Currency conversion costs 2%, which sits near the 0.5% median across the site
- The account covers a single market at 1 currency
- A SAR 20,000 minimum daily closing balance is needed to earn profit
Who it suits
- Expats living in Saudi Arabia who want a fee-free current account
- Savings customers who want an Islamic account with monthly profit crediting and access at any time
Who should look elsewhere
- Travellers who need many currencies, since AXI Card Tarjeta y Credito charges 0% for conversion
- People who want a low headline savings rate comparison against a wider range, where XTB sits at 0.5% on conversion
- Shoppers who want a wallet for everyday spending, since Skrill charges 3.99%
How Riyad Bank digital compares
9.0 vs 8.7
9.0 vs 8.6
9.0 vs 8.0
9.0 vs 8.9
9.0 vs 9.1
9.0 vs 9.2
9.0 vs 8.7
9.0 vs 8.7
9.0 vs 8.7
9.0 vs 9.0A conversion fee of 3.99% makes it the priciest of the three on currency conversion.
9.0 vs 8.7
9.0 vs 9.5
9.0 vs 9.4
9.0 vs 9.3
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.1
9.0 vs 9.0
9.0 vs 9.0
9.0 vs 8.9
9.0 vs 8.9- 9.0 vs 8.9
9.0 vs 8.7
9.0 vs 8.5
9.0 vs 8.5
9.0 vs 8.5
9.0 vs 8.4
9.0 vs 8.3
9.0 vs 8.2
9.0 vs 8.1- 9.0 vs 8.1
9.0 vs 8.0
9.0 vs 8.0
9.0 vs 8.0
9.0 vs 9.1
Where Riyad Bank digital is available
- Available
- Saudi Arabia
- Licence in Saudi Arabia
- Saudi Central Bank (91), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does it cost to hold the account?+
The Islamic Saving Account carries a monthly fee of SAR 0, and no salary transfer is required to open or keep it. That keeps the everyday cost of the account at nil for anyone who does not need extra services.
What rate does the savings account pay?+
The headline rate is 0.3% and the rate type is variable, so returns move with the account. Profits are credited monthly, and a SAR 20,000 minimum daily closing balance is required to earn any profit at all.
Can I get at my money when I need it?+
Yes, the account kind is easy access and funds can be withdrawn at any time through free electronic banking. One exception is same-day deposits, which become available the next day, so recent money may not be withdrawable straight away.
How much do cash withdrawals cost?+
The debit card comes with a free ATM allowance of SAR 0, so cash machine withdrawals add no cost within it. Support runs on phone and help centre only, so a phone call is the quickest route for anything the help centre does not cover.
What does it cost to convert money?+
Currency conversion costs 2% on the debit card, which is close to the 0.5% median across the site. If you convert often, a lower conversion fee elsewhere may suit you better.
How many currencies can I hold?+
The account covers a single market, with 1 currency listed. That is the smallest figure in the 1 minimum range for this category, so it suits a single-market setup rather than frequent multi-currency use.
Who is this account aimed at?+
The stated audience is expats, and the bank is headquartered in Saudi Arabia as SA. It has traded since 1957 under the Saudi Central Bank.
How do payments reach me?+
Payouts arrive by bank transfer or as cash pickup, covering the two bank and cash pickup options listed. Local banking details are available in IBAN format, which is the most common local detail in this category.
Sources
- riyadbank.com checked September 26, 2026
Backs: Founded, Headquarters, Legal entity, Local account details, Support channels, Licences
“is licensed by the Council of Ministers Resolution (91) dated 23.11.1957”
- riyadbank.com/en/information-v2/special-pages/arp-disclosure checked September 26, 2026
Backs: Headline rate
“Disclosure of Annual Percentage Rate for Islamic Saving Accounts and Wazen Accounts: Monthly Average Balance SAR 20,000 - AER 0.30%”
- riyadbank.com/en/personal-banking/islamic-savings-account checked September 26, 2026
Backs: Access terms, Account kind, Minimum deposit, Pricing model, Monthly fee, Rate type
“Instant access to the account through free electronic banking ... Profits are credited at the end of each month ... Anytime, except for funds deposited on the same day, which can be withdrawn on the...”
- riyadbank.com/money-transfer2 checked September 26, 2026
Backs: Payout methods
“Deposit into any banking account; Deliver cash transfers to beneficiaries; Door-to-door cash Delivery”
- riyadbank.com/personal-banking/current-account checked September 26, 2026
Backs: Audience, Currencies
“Who can open a current account online? All national ID and Iqama holders.”
- riyadbank.com/personal-banking/debit-card/classic-mastercard checked September 26, 2026
Backs: Free ATM withdrawals, Features, Currency conversion fee
“Cash withdrawal - Local ATM: Free”
Compiled from 6 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Licence type, Deposit protection.
Other rankings
Riyad Bank digital
Expats in Saudi Arabia who want no monthly fee and easy access to their money each day.